Final Results
Stagecoach Theatre Arts PLC
16 August 2005
Stagecoach Theatre Arts plc - Final Results
16th August 2005
Stagecoach Theatre Arts plc ('Stagecoach Theatre Arts',
'Stagecoach' or the 'Group')
Preliminary Announcement of Final Results for the year ended 31st May 2005
Stagecoach Theatre Arts reports on a year of strong growth within its core UK
division, whilst developing further its new business opportunities.
Stagecoach Theatre Arts was founded in 1988 and operates the UK's largest
franchise network of part-time performing arts schools for young people aged
between 4 and 16.
A summary of the Group's results and achievements during the year is as follows:
Franchise network turnover up 17% to £21.9m
Group turnover £5.7m (2004: £5.3m)
Profit before tax £60,000 (2004: £329,000)
Total students up 11% to 33,432 (2004: 30,195)
553 Stagecoach schools and 592 Early Stages classes (2004: 502 schools and 505
Early Stages)
Launch of the first Early Sporties class in April 2005
Sale of the first eight Mini Stages franchises during the year
First two German franchises opened in September 2004
Six new US franchise schools started during the year
Stagecoach students performed at the Lord Mayor's Show in London
David Sprigg, Joint Managing Director, commented:
'We have achieved another year of strong growth in the number of schools and
students within the core UK business, resulting in a 17% increase in Group
network turnover to £21.9m. We further developed our emerging divisions of
SportsCoach, Mini Stages, Stagecoach USA and Germany. In the year ahead we
expect to see more growth in the core UK business and significant sales of Mini
Stages franchises, whilst focussing on increasing average student numbers across
the emerging divisions.'
Enquiries:
Stagecoach Theatre Arts: Tel: 01932 254 333
David Sprigg, Joint Managing Director
Richard Dawson, Finance Director
Evolution Securities: Tel: 020 7071 4300
Tom Price
Henry Turcan
JB Public Relations: Tel: 01629 825 777
John Burley
Chairman's Statement
I am pleased to report on the Group's results for the year ended 31 May 2005.
Stagecoach Theatre Arts was founded in 1988 and operates the UK's largest
network of part-time performing arts schools for young people aged between 4 and
16.
Overview
The business once again showed strong growth over the year, in terms of school
openings and student numbers, as reflected in a 17 per cent increase in network
turnover to £21.9 million (2004: £18.7 million). The network turnover reflects
total school fees earned over the year by our franchisees, from the 33,432
students that now attend Stagecoach, SportsCoach and Mini Stages schools.
Since flotation, over the past four years, annual network turnover has increased
by 113 per cent from £10.3 million to £21.9 million.
The core Stagecoach UK business continued to perform strongly with approximately
10 per cent growth in schools and student numbers for the year, and is the main
contributor to the increase in annual network turnover.
Stagecoach UK reported divisional profit of £918,000 for the year. However, the
overall profitability of the Group, combining all divisions, was £60,000 for the
year, due to the losses of the emerging divisions of SportsCoach, Mini Stages,
Stagecoach USA and Stagecoach Germany, as well as the costs of the new
Stagecoach Agency.
Each of these emerging divisions reported a loss for the year. The business
model of each division is the same as the core Stagecoach business, based on
economies of scale, requiring a certain number of franchised schools to generate
sufficient income to cover a predominantly fixed administrative cost base. Your
Board's objective is that each division should be profitable as soon as possible
within the overall strategy.
Steps have been taken by your Board to assist Surrey Performing Arts Limited
(the Group's largest franchisee) to increase its average student numbers, to
sell a substantial proportion of its schools to other new franchisees (resulting
in better operational performance of individual schools) and to reduce its
operational costs.
The Group launched its new nationwide Stagecoach Agency in August 2004,
providing a variety of agency services to its Stagecoach students. This has
proved very popular across the network, with 2,257 of the students joining the
agency.
Other significant milestones achieved during the year were the sale of the first
eight Mini Stages franchises in the UK, the opening of the first two franchise
schools in Germany, and the opening of the first Early Sporties class
(SportsCoach for 4 to 6 year olds).
The Group continues to support the Stagecoach Charitable Trust, which runs
InterAct Theatre Workshops, providing inclusive performing arts tuition to
children of all abilities and needs.
Further details of the operations of the business are set out in the Joint
Managing Directors' Operating Review. The core Stagecoach Theatre Arts UK
business still represents over 90 per cent of the Group's turnover, schools and
students. This year, for the first time, we report in the Operating Review more
financial detail on the emerging divisions of SportsCoach, Mini Stages,
Stagecoach USA and Stagecoach Germany.
Loss per share was 0.2 pence (2004: Earnings per share was 1.9 pence). Your
Board does not propose the payment of a final dividend (2004: 2 pence per
share). It is the intention of your Board to return to a progressive annual
dividend policy when one or more of the emerging divisions goes into
profitability, such that the Group generates sufficient profit to permit this.
Strategy for growth
We have seen further results of our strategy for growth this year, with an 11
per cent increase in the total number of students attending Stagecoach,
SportsCoach and Mini Stages schools, from 30,195 to 33,432 students, and a 17
per cent increase in network turnover to £21.9 million.
As set out in my Chairman's Statement last year, your Board remains committed to
providing resources to enable growth within the UK Stagecoach franchise network,
focussing on increasing the number of schools and Early Stages classes per
existing franchisee. The success of this strategy has been seen this year with
the increase to 2.3 schools per franchisee (excluding Surrey Performing Arts)
from 2.2 last year, and an increase to 2.5 Early Stages classes per franchisee
from 2.2 last year.
Post year-end, your Board has undertaken a strategic and financial review of
each of the divisions. The focus for growth over next year will be the core
Stagecoach UK business, particularly subsequent school sales, and the roll-out
of Mini Stages franchises.
The primary focus for the emerging divisions for next year will be to increase
average student numbers across the schools, so as to facilitate the expansion of
their franchise networks. The strategy over the medium term is to take each of
the emerging divisions into profitability.
Employees
On behalf of the Directors, I would like to take this opportunity to thank all
the staff for their continued hard work throughout the year. During the year we
reviewed our Employee Share Option Scheme, resulting in all employees of the
Company being granted further share options as reward and incentive.
Prospects
The emerging divisions of SportsCoach, Mini Stages, USA and Germany, are
demanding upon short-term cash resources and profitability. However, the medium
to long term earnings potential of the Group is being enhanced through the
current development and expansion plans of these divisions.
A sustained period of growth of new franchises, schools and students, and hence
profitability, from any one of these emerging divisions would have a significant
impact on the future earnings of the Group. Thus the prospects of the Group
remain encouraging.
Graham Cole
Chairman
16 August 2005
Joint Managing Directors' Operating Review
We report on the principal operations and results for the year ended 31 May
2005. As the emerging divisions impact upon the results, we report on more
financial detail of each division of the Group for the first time.
Operations
The Group comprises the core Stagecoach Theatre Arts business in the UK and four
emerging divisions in other disciplines or countries. Stagecoach Theatre Arts is
the clear market-leader in the UK, and the emerging divisions are based upon the
same franchise business model. The Group also runs a Montessori school at its
Head Office in Walton-on-Thames.
The core Stagecoach UK business still accounts for 94 per cent of the network's
students and 93 per cent of network turnover.
The principal indicator of the Group's growth is the number of schools opened
during the year and the number of students attending those schools. Our
franchisees open new schools only at the beginning of the Summer Term in April
and the Autumn Term in September each year.
As set out in the Strategy for Growth in the 2004 Chairman's Statement, your
Board focused on increasing the number of schools per existing franchisee within
the core Stagecoach UK business, whilst continuing to develop and expand the
other emerging divisions.
During the year 43 new Stagecoach UK main schools opened, of which 31 were
subsequent schools opened by existing franchisees and 12 were sales to new
franchisees. In contrast, all but two new schools opened across the emerging
divisions were sales to new franchisees. The strategy for growth of the Group
over the medium to long term is to significantly increase the number of school
openings by the emerging divisions.
In addition to the above, 81, 4 and 3 new Early Stages classes were opened
during the year in the UK, Germany and USA respectively, and the first Early
Sporties class opened in the UK.
The core Stagecoach UK business has funded the development costs of Mini Stages
and the operational losses of each of the emerging divisions during the year.
The operational and financial results of each division within the Group are set
out in more detail within this Operating Review.
Stagecoach Theatre Arts UK
The number of UK Stagecoach Theatre Arts main schools (for 6 to 16 year olds)
and of students attending them has increased over the year to 534 schools at the
year end with 23,188 students (2004: 491 schools and 21,600 students).
The number of franchisees increased over the period under review from 204 to
220, demonstrating that the growth in schools has come from both new franchisees
joining the network and existing franchisees expanding their individual
businesses.
The growth within the core Stagecoach UK business has resulted in an increase of
the number of main Stagecoach schools per franchisee from 2.2 to 2.3 schools
(excluding Surrey Performing Arts Limited). Three franchisees in the Stagecoach
UK network run six schools, while 61 franchisees operate only one school,
highlighting the potential for further growth within the existing UK network.
The average occupancy rate as at the year end date is 43.4 students per school,
or 96.4 per cent (2004: 98.0 per cent). Although a small decrease from last
year, the percentage occupancy rate throughout the core Stagecoach UK network is
very strong. We are committed to ensuring the highest standards of education
throughout the network, with strategies for additional franchisee and teacher
training, and more national and regional events. Such measures should have a
positive impact on the average occupancy rate across the network.
The number of Early Stages classes increased substantially over the year by 81
classes to 574 at the year-end with 7,655 students attending (2004: 493 Early
Stages classes and 6,900 students). Early Stages classes are an important
introduction to Stagecoach schools, and have become a significant part of the
core Stagecoach UK business.
For the core Stagecoach UK business, both main schools and Early Stages, there
has been an increase over the year of 8.3 per cent in the number of students
attending from 28,633 to 30,843 students.
The core Stagecoach UK business showed strong growth in all areas and reported
an increase in network turnover, representing the total student fees charged
across the network for the year, of 12 per cent to £20.3 million (2004: £18.2
million).
The divisional profit before tax of the core Stagecoach UK business was
£918,000.
Mini Stages
Mini Stages, musical fun for six months to four-year-olds accompanied by the
parent, was launched in the UK in September 2003 and complements the Group's
existing core business of teaching the performing arts. This year under review
represents Mini Stages' first full financial year.
We commenced franchising the Mini Stages system in September 2004 with three
pilot franchisees. The concept and franchise model was a success, and a total of
eight franchisees started their Mini Stages businesses during the year.
At year end there were 13 Mini Stages schools (or venues), from which 35
teaching sessions were held, and a total of 370 students attending (2004: 5
venues, 11 sessions and 156 students).
Each Mini Stages class comprises up to 15 students. The average occupancy rate
for the Mini Stages network as at the year end date was 10.6 students per class,
or 71 per cent capacity.
The network turnover of Mini Stages, representing the total student fees charged
across the network for the year, was £73,000.
During its first year of franchising, the Mini Stages concept had only been
offered within the existing UK Stagecoach Theatre Arts network. Since year end
the Group has extended the Mini Stages franchise to the whole UK market place,
and post year end has already trained two new franchisees, one of whom is from
outside the network. The Mini Stages business model is such that new schools can
open continuously throughout the academic year.
This year represented one of considerable investment of time and resources in
the completion of the Mini Stages concept and launch of the franchise. The
development costs of Mini Stages have been written off in the year as incurred.
The Mini Stages division therefore reported a loss of £267,000 for the year.
SportsCoach schools
There was further expansion within the SportsCoach franchise network during the
year, with the launch of 10 more schools, taking the total to 33 schools.
However, the number of new school openings was less than expected. A significant
reason was that the low occupancy per SportsCoach school (71.7 per cent compared
to Stagecoach's 96.4 per cent) which makes the business less attractive to
prospective franchisees. Post year-end we have reviewed the advertising and
marketing material of SportsCoach, so as to educate the market place that
SportsCoach is for children of all abilities and those who wish to have fun in
sports, and not just children with sporting ability. We expect that this will
have a positive impact on occupancy levels.
Furthermore, when seeking future SportsCoach franchisees we are now targeting
sales and marketing people with a sporting background, as opposed to sports
teachers who may have no marketing experience or ability.
A significant milestone has been the development and launch of Early Sporties, a
fun introduction to sports for 4 to 6 year olds, with the first Early Sporties
class having started successfully in April 2005. This is equivalent to the
hugely successful Early Stages classes for the main Stagecoach Theatre Arts
business. The first Early Sporties class started with 13 students, and the
concept is to be offered to the SportsCoach network from September 2005.
As at the year-end, there were 1,134 SportsCoach students attending the 33
SportsCoach schools across the UK (2004: 842 students and 23 schools).
The network turnover of SportsCoach, representing the total student fees charged
across the network for the year, increased by 67 per cent to £806,000 (2004:
£483,000).
The SportsCoach division reported a loss of £233,000 for the year. We expect the
SportsCoach division to be the first new division to contribute a profit to the
Group.
Stagecoach Theatre Arts USA
This year represented the first full year of franchising in the USA for the
Stagecoach Group. During the year a further six main schools and two Early
Stages classes opened in the USA.
Having completed the legal requirements to offer Stagecoach franchises in other
US States outside Minnesota, where Stagecoach was launched in the US, and
following an initial advertising and marketing campaign for franchisees, three
franchises opened in New York City in September 2004, and two franchises opened
in Chicago in April 2005.
This represents the start of the Stagecoach franchise network in the United
States, and gives the Group the opportunity to emulate the success of the UK
franchise business model.
As at the year end there were 479 students attending Stagecoach USA's 12 schools
and 9 Early Stages classes (2004: 330 students attending 6 schools and 6 Early
Stages classes). Stagecoach USA also runs a successful Summer Workshop
programme, with eleven weeks of workshops scheduled over the Summer 2005.
Although one new franchise school in Chicago opened full with 45 students, the
average student numbers per school across the US network decreased over the year
from 39.7 students to 32.4 students (or 72 per cent occupancy).
The main focus for the year ahead will be to increase the average student
numbers across the US network, so as to ensure maximum profitability for
existing franchisees, enabling them to open subsequent schools, and attract new
franchisees to the network.
The network turnover of Stagecoach USA, representing the total student fees
charged across the network for the year, was £241,000.
The wholly-owned Stagecoach USA subsidiary reported a loss of £154,000 for the
year.
Stagecoach Theatre Arts Germany
The development and preparation of the franchise system for Germany was
completed at the start of this year under review. A significant milestone was
achieved during the year with the opening of the first two Stagecoach Germany
franchise schools, ahead of schedule, in Frankfurt and Stuttgart.
As at the year end there were 334 students attending Stagecoach Germany's 7
schools and 9 Early Stages classes (2004: 250 students attending 5 schools and 5
Early Stages classes). The average student numbers per school across the German
network were 34.7 students at year end (2004: 39.4 students).
As with the other emerging divisions, the main focus for the year ahead will be
to increase the average student numbers across the German network, so as to
ensure maximum profitability for existing franchisees and attract new
franchisees to the network.
The network turnover of Stagecoach Germany, representing the total student fees
charged across the network for the year, was £197,000.
The 90 per cent owned Stagecoach Germany subsidiary reported a loss of £112,000
for the year.
Other overseas operations
The Group continues to provide support for its other overseas operations and
interests in Stagecoach Theatre Arts schools in Spain, Malta, Gibraltar,
Australia and the Republic of Ireland. Collectively, these operations provide a
small profit to the Group.
Stagecoach Agency
The Group launched its new nationwide Stagecoach Agency in August 2004,
providing a variety of agency services to its Stagecoach students.
The agency seeks work on behalf of Stagecoach students in TV and Film,
Commercials and Corporate Videos, Theatre, Radio Dramas, Photo Shoots and
Promotions, Musicals and Voice-Overs. It is the agency's aim to provide a broad
base of talented students aged between 4 and 18 years to its many new and
established clients of Casting Directors and Production Companies.
The new nationwide Stagecoach Agency has proved very popular across the network.
With 2,257 students enrolled, it is the largest children's agency in the UK.
The Stagecoach Agency (UK) Limited subsidiary broke-even for the ten-month
period from incorporation. However other associated agency costs and the cost of
the previous regional agency businesses at the start of the year resulted in a
loss to the Group of £92,000 for the year.
Financial Review
There was an increase in the number of schools and total students across the
Group network of 11 per cent for the year, and a 17 per cent increase in Group
network turnover to £21.9 million.
Group turnover for the year increased to £5.7 million (2004: £5.3 million).
Profit before tax for the year has decreased to £60,000 (2004: £329,000). The
reduced profit was primarily due to fewer SportsCoach school openings than
expected, and a reduction in income from our largest franchisee Surrey
Performing Arts Limited. The divisional results making up the Group profit have
been highlighted in the Operating Review above. Despite a decrease in profits
for this year, the core UK Stagecoach business remains strong.
For the Autumn Term 2005 the Group has already contracted to open a further 24
Stagecoach schools, two SportsCoach schools and two Mini Stages in the UK, as
well as two Stagecoach schools in Germany and one in the USA.
As at 31 May 2005, the net cash balances of the Group stood at £0.5 million
(2004: £0.4 million). The Group has relatively little capital expenditure
requirements, however the expansion of the emerging divisions remains a draw on
the Group's cash resources. As a consequence your Board has arranged an increase
in the UK Company's overdraft facility from £0.8 million to £1.1 million.
In line with the strategy for growth, the cash flow position of the Group will
improve as each division goes into profitability, and crosses over from cash
consumption to cash generation.
The Group has increased its number of employees (full time equivalents) to 67 as
at 31 May 2005 from 56 as at 31 May 2004.
Creative and Educational Department
Your Board is dedicated to continuing to provide the highest standards of
student education and opportunity throughout the Stagecoach network. The
Creative and Education Department is committed to being at the forefront of
standards of education in the performing arts.
One of the unique features of Stagecoach is that it provides students with
opportunities to participate in special performances and events each year. Over
the last year these included:
The annual 'Easy Stages' show-case production in August 2004, being 'Pirates of
Penzance', featured 70 Stagecoach students from schools across the country and
overseas.
In September, over 100 Stagecoach students performed at the Cresset Theatre in
Peterborough in a charity concert in aid of the NSPCC.
50 Stagecoach students took part in the Lord Mayor's Show in November.
Also in November, 300 Stagecoach students performed a selection of dance and
singing routines at Her Majesty's Theatre, London, celebrating sixteen years of
Stagecoach Theatre Arts success.
In December, 100 Students staged a charity concert at The Guildhall in Derby in
aid of the Treetops Hospice.
In December, more than 400 students performed choral pieces in Christmas
concerts in ten cathedrals across the UK.
In April 2005, over 400 Stagecoach students in the North East performed a
charity concert at the Newcastle City Hall in aid of InterAct.
Stagecoach's training, together with these extra-curricular performing
opportunities, offers immense benefits to students in the growth of confidence
and self-esteem as well as fostering enjoyment and well being.
Stagecoach Charitable Trust
The Group continues to support and provide management time to the Stagecoach
Charitable Trust, which amongst other activities runs InterAct Theatre
Workshops, providing inclusive performing arts tuition to children of all
abilities and needs. The feedback from the children attending InterAct and their
parents has been overwhelmingly positive. There are 5 InterAct schools in the
UK.
Stephanie Manuel
David Sprigg
Joint Managing Directors
16 August 2005
Consolidated Profit and Loss Account
Year ended 31 May 2005
Notes 2005 2004
£'000 £'000
Restated
Turnover 2
Continuing activities 5,746 5,124
Acquired activities - 157
5,746 5,281
Cost of sales (3,480) (2,916)
Gross profit 2,266 2,365
Administrative expenses (2,246) (2,095)
Other operating income 38 46
Operating profit 58 316
Continuing activities 58 384
Acquired activities - (68)
Interest receivable 14 17
Interest payable and similar charges (12) (4)
Profit on ordinary activities before taxation 60 329
Tax on profit on ordinary activities 3 (79) (142)
(Loss)/profit on ordinary activities after taxation (19) 187
Minority interest 7 6
Dividends 4 - (195)
Retained loss for the year (12) (2)
(Loss)/earnings per share, pence - Basic 5 (0.2) 1.9
- Diluted 5 (0.2) 1.9
A Statement of Recognised Gains and Losses is not presented as all recognised
gains and losses are included in the profit and loss account.
Consolidated Balance Sheet
As at 31 May 2005
2005 2004
£'000 £'000 £'000 £'000
Fixed assets
Intangible fixed assets 794 835
Tangible fixed assets 112 142
906 977
Current assets
Stocks 262 278
Debtors 2,208 2,004
Cash at bank and in hand 504 416
2,974 2,698
Creditors
Amounts falling due within one year (1,362) (1,199)
Net current assets 1,612 1,499
Total assets less current liabilities 2,518 2,476
Capital and reserves
Share capital 494 486
Share premium 1,601 1,545
Profit and loss account 435 450
2,530 2,481
Minority interests (12) (5)
Equity shareholders' funds 2,518 2,476
The financial statements were approved by the Board on 16 August 2005.
Consolidated Cash Flow Statement
Year ended 31 May 2005
Notes 2005 2004
£'000 £'000 £'000 £'000
Net cash inflow from operating activities 6 417 5
Returns on investments and servicing of finance
Interest received 14 17
Interest paid and interest element of finance lease rental repayments (12) (4)
2 13
Taxation
Corporation tax paid (148) (277)
Capital expenditure
Proceeds on disposal of fixed assets 25
Payments to acquire tangible fixed assets (35) (63)
Payments to acquire intangible fixed assets - (35)
(10) (98)
Acquisitions and disposals
Purchase of subsidiary (16) -
Purchase of trades - (75)
Net cash acquired with subsidiary / trades - 3
(16) (72)
Equity dividends paid (195) (194)
Net cash inflow/(outflow) before financing 50 (623)
Financing
Gross proceeds from the issue of shares 64 15
Capital element of hire purchase payments (26) (5)
38 10
Increase/(decrease) in cash at bank and in hand 88 (613)
Capital element of hire purchase payments 26 5
114 (608)
Opening balances of net funds 390 998
Closing balances of net funds 7 504 390
Stagecoach Theatre Arts plc
Year ended 31st May 2005
Notes to the Financial Statements
1 Accounting Policies
Basis of preparation
The financial statements have been prepared in accordance with applicable
Accounting Standards under the historical cost convention. The consolidated
financial statements include the audited financial statements of the company and
its subsidiary undertakings. Subsidiary undertakings acquired are consolidated
using the acquisition method of accounting from the effective date of
acquisition.
The financial information presented in this preliminary announcement does not
constitute statutory accounts within the meaning of the Companies Act 1985. The
information has however been extracted from the Group's statutory accounts for
the year ended 31st May 2005 which were approved by the Board on 16th August
2005 and on which the Group's auditors have given an unqualified opinion.
2 Turnover by geographical location
2005 2004
£'000 £'000
UK 5,340 4,866
Europe 238 179
Rest of the world 168 236
Total turnover 5,746 5,281
Turnover is analysed on an origination basis and is all derived from external
customers. It is not material or practical to provide a similar analysis of
operating profit and net assets.
3 Taxation
a) Analysis of the tax charge
The tax charge on the profit on ordinary activities for the year was as follows:
2005 2004
£'000 £'000
UK corporation tax - current year tax 76 142
- prior year tax (2) -
- deferred tax 8 -
Germany corporation tax - prior year tax (3) -
79 142
UK corporation tax has been charged at 30% (2004: 30%).
b) Reconciliation of the tax charge
2005 2004
£'000 £'000
Profit on ordinary activities before tax 60 329
Profit on ordinary activities at standard rate 18 99
of UK corporation tax of 30%
Effects of:
Unrelieved losses of overseas subsidiaries 43 25
Expenses not deductible for tax purposes 18 19
Adjustment to tax charge in previous periods 3 -
Marginal relief (3) -
Capital allowances for period in excess of depreciation - (1)
Current tax charge for year 79 142
4 Dividends
Your Board does not propose the payment of a final dividend (2004: 2 pence per
share).
5 (Loss)/earnings per share
Basic loss per share, calculated in accordance with FRS14 (Earnings per share)
is 0.2 pence (2004: Earnings per share of 1.9 pence). This is based on the loss
on ordinary activities after tax of £19,273 (2004: Profit of £186,685)
apportioned over the weighted average number of ordinary shares that were in
issue for the period of 9,773,723 (2004: 9,712,243). Fully diluted loss per
share is calculated at 0.2 pence (2004: Earnings per share of 1.9 pence), based
upon weighted average number of ordinary shares, including options granted to
employees, of 9,842,631 (2004: 9,855,634).
6 Reconciliation of operating profit to operating cash flows
2005 2004
£'000 £'000
Operating profit 58 316
Depreciation and amortisation of goodwill 103 92
Profit on disposal of fixed assets (6) -
Decrease/(increase) in stocks 15 (72)
Increase in debtors (198) (333)
Increase in creditors 443 11
Foreign exchange differences 2 (9)
Net cash inflow from operating activities 417 5
7 Analysis of changes in net funds
Cash Hire purchase contracts and loans Total net funds
at bank and
in hand
£'000 £'000 £'000
At 1 June 2004 416 (26) 390
Cash flow 88 26 114
At 31 May 2005 504 - 504
This information is provided by RNS
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Monday, 20th May 2024
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